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  • Writer's pictureAshley Farrell

How To Plan And Create Your Wedding Budget

Written by Sophia Young Content Studio exclusively for Velvet Bordeaux Events

Figuring out how to plan and create your wedding budget is not a very easy feat to do. Trying to stick to your budget for the biggest and, likely, the most expensive party you’ll ever have is as extreme as it gets.

No matter the number you’re starting with, creating a budget that gets you everything you want is a challenge you have to undertake.

Getting married is one of the best days of your life, so an elaborate ceremony would be something you’d want. Then again, you need to make sure you still have enough money to help you get by after everything mellows out. Here are clever ways on how to plan your wedding budget and get a wedding that you will never forget.

1. Consider The Cost Of Your Engagement Ring

Many think the budget planning phase starts after your significant other (SO) says yes and you put that ring on their finger. The truth of the matter is that budgeting should start with the proposal! Knowing how much to spend on engagement and wedding rings should help give you the numbers you need to consolidate.

You need to consider if you still want that diamond engagement ring. Rings can be expensive, especially if they have higher carats, bigger stones, and higher diamond grades. You can move away from buying a diamond ring and stay with other less expensive gems. You may also want to buy a ring with smaller carat sizes to get a better, more luxurious look.

As for the wedding rings, you lower cost metals like 14 or 18K gold and save a lot on the ring’s cost. Practically speaking, it’s best to go for rings with very small to no diamonds on them. This should give you a bigger idea of the amount you can spare for the actual ceremony.

2. Do The “Talk” and Consolidate Your Finances

Once you start allocating your budget, the first thing you do is to start accounting for how much money you have and how much you’re willing to spend on your wedding. Depending on three factors, you would need to tighten up or loosen your budget a little more. These are:

● Your savings as a couple

● Amount you can set aside from your current income

● Other contributions

The first two options will be crucial in determining how much you can spend. For starters, you need around three (3) months’ worth of financial expenses you need to set aside to protect you from any emergencies. Subtract this from your current finances, then get started on your existing income. Subtract any payments that you also need to put towards debts, mortgages, utilities, and other living expenses. Once you have the “extra” money accounted for, put direct deposits into a separate account and only use this for your wedding budget. Ask your parents, families, or loved ones if they can help pitch into the wedding fund. Any amount helps but you shouldn’t expect people to respond. Treat this money as “good to have” but not a part of your direct budget.

3. Hire A Wedding Planner

A wedding planner knows the ins and outs of a wedding, especially how to squeeze every last penny out of the allocated budget.

Paying for a wedding planner removes a few tasks off your plate, which should save you money over time. Their most useful function is to consolidate vendors from their networks and help you get the most for your money.

Wedding planners also help with budgeting and scheduling, as well as get you special deals and discounts. . A good wedding planner will give you a general idea of where you could cut costs, where you should spend a little more, and find the right vendor for your needs. Expect them to handle communications for you, as well as expose you to new ideas that will improve your wedding.

4. Track Your Spending

A common problem for many couples trying to budget their wedding is they tend to go over their intended budget. It’s important to track your spending via estimated cost, a modified cost, and actual cost. By setting these details up and putting them against your budget, you would know which areas to stretch for your budget.

Estimated costs come from the research you do for things you need for your wedding. Modified costs come from the proposals that your vendors provide, while actual cost comes after you complete the payment. Once you talk with vendors, you need to adjust your costs and cascade them into your budget. Consider two crucial add-ons that vendors generally tack on the sticker price: gratuity/tips and extras. Tips should account for 15 to 20 percent of all your expenses unless the vendor notes that gratuity is already included in their service price.

As for extras, you need to prepare an extra 20% as a cushion for things you’ll forget. Never spend the 20% extra money upfront. It should go only for emergency expenses and nothing more. Whether you’re the type who has no idea about wedding setups or you’ve already planned every detail of your ceremony, it’s best to have someone handle the logistics. Around 8 out of 10 wedding venues also require a professional wedding planner to make coordination much easier

5. Confirm Your Guest Count

Now that you have a general idea of the cost of everything at your wedding, the next question is headcount. To build a proper wedding budget, you want to have a ballpark estimate of the guests coming to your wedding. You need to remember that the cost of a wedding depends heavily on the guest count. The number of guests in your wedding will determine how much food, beverages, and alcohol you would need to serve. Your guest count will also be important in setting up the miscellany in your wedding, which will include invitations, cake slices, wedding favors, tables, chairs, and much more.

Consider trimming your guest list to the most important people to you. Family and friends are likely your priority, as well as immediate superiors at work if you have a close relationship with them. Make sure that everyone gives an RSVP and allocate for how many heads are coming with them.

Final Thoughts: After completing all the steps when planning your wedding budget, everything should fall into place. Ask yourself what are your non-negotiables, what can you live without, and how far are you willing to go to slash your budget down.

Weddings can get more expensive if you’re unprepared. Follow the steps above and see how you can build a wedding budget that fits everything you need.


Sophia Young recently quit a non-writing job to finally be able to tell stories and paint the world through her words. She loves talking about fashion and weddings and travel, but she can also easily kick ass with a thousand-word article about the latest marketing and business trends, finance-related topics, and can probably even whip up a nice heart-warming article about family life. She can totally go from fashion guru to your friendly neighborhood cat lady with mean budgeting skills and home tips real quick.



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